Jewelry Appraisal Guide: Understand & Find Jewelry Appraisers

Plenty of people have jewelry they like to look at and to wear, but they might not know how much it’s worth. Maybe you inherited a collection of bracelets from a relative, or you found a few second-hand watches and don’t have the history of what you’ve bought. How much should you insure them for? Can you get a good price if you sell them? If you’re not a jewelry expert yourself, you need to get a professional appraisal to put a dollar figure on your most treasured pieces.

A jewelry appraisal is a professional examination of one or more pieces of jewelry by an expert. This usually ends with a printed document that describes the piece and assigns a price or range of prices that represent the expert’s best value estimate. There are different ways to get your jewelry appraised, and several steps to take before you invest in the process. This article outlines the details you need to know about getting your jewelry appraised, as well as a few things to look out for. 

Types of Appraisals

There are a lot of different reasons you might get jewelry appraised, and there’s a corresponding variety of appraisal types to meet them. Ideally, your appraisal will result in a reliable price estimate for insurance, tax or resale value. The goal of an appraisal is to be as objective as possible, so that a well-informed jewelry expert can tell you with reasonable certainty what your collection is worth. Common types of appraisals include: 

• Insurance Appraisals / Retail Replacement Value Appraisals
• Estate Appraisals
• Charitable Donation Appraisals
• Fair Market Value Appraisals / Financial Planning

Retail Replacement Value for Insurance Coverage

People will often get a Retail Replacement Value appraisal for insurance prices. This is an estimate of what the pieces are worth if purchased new, so that your insurance provider can reimburse you the fair replacement rate if your jewelry gets lost, damaged or stolen. 

Insurers use the Retail Replacement Value as a guidepost, rather than as an absolute. This is a fairly good policy for appraising jewelry, since so many pieces are antiques that can’t actually be replaced with something new. As a rule, your policy will cover losses in two ways:

• Agreed Value policies guarantee you the full amount of retail replacement value. Although generally more expensive, this policy represents a transparent understanding between the insurer and the insured of an exact amount that will be paid in case of loss or theft. However, this means that the policy must be adjusted every two years or so to reflect current retail market value and requires fairly regular re-appraisal for accurate re-valuation.
• Actual Cash Value is defined by insurers as “actual cash value minus depreciation [wear and tear] and obsolescence [being out-of-date].” Although usually cheaper than ‘Agreed Value’ policies, the premium is calculated on the degree of risk, therefore if the insurer must settle in cash, they can pay a lesser amount than the figure on which they’ve based your policy. 

Modern jewelry may receive a New Replacement Value (NRV), while antique jewelry may receive a Second Hand Replacement Value (SHRV). It is a common misconception that a jewelry appraisal for insurance purposes reveals the item’s fair market value, or the price at which an object would change hands between a willing buyer and a willing seller. If you choose at some stage to sell at auction or otherwise, this appraisal in addition to a grading report will help any specialist or jewelry dealer formulate the resale market value, as outlined further down in this article.

Estate Appraisals

Estate appraisals are usually the first choice for people to evaluate vintage and antique jewelry pieces. These appraisals take into account factors such as age, rarity, and historical significance. Like insurance appraisals, these evaluations generate a range of prices, which may be wildly different, that can be useful for various purposes.

Estate Retail Value

The estate retail value is the price you can expect to get if you sell your jewelry at current retail prices. These rates are generally higher than other appraisal values, since the retail prices your pieces are being compared with generally include the resellers’ markup. They’ll still usually be lower than the insurance replacement cost, since the estate retail value allows for a piece to be used or in less than new condition, while the replacement cost assumes the piece is new.

Estate Liquid Value

An estate liquid value corresponds to the typical price a wholesaler could get for your jewelry. It can be hard to develop a realistic figure for this value, since it takes expert insider knowledge to weigh market demand, comparison prices, current trends and a host of other factors most people don’t follow too closely. This value will most often turn up in estate appraisals where jewelry is being portioned out to heirs, and the need is felt to make the division fair.

Intrinsic Value Appraisal

The intrinsic value of a piece of jewelry is nothing but the value of the raw materials used to make it. A collection of gold rings with elaborate settings, for example, might have 30 grams of gold in total. In this case, the intrinsic value is just equal to half an ounce of gold at current market rates, and nothing else. The intrinsic value is basically what you could get if you melted the piece down and sold it as bullion or loose stones.

People might get this type of appraisal as a baseline to better frame the other types of appraisals. It sets a floor that your jewelry can’t possibly be worth less than, but unless you’re planning to destroy your collection and sell it for salvage prices, it’s not necessarily the most informative option for most people.

Charitable Donation Appraisals

If you’re thinking about donating a piece of jewelry to charity, you might be entitled to a tax break. The value of this deduction depends on the value of the donation, so for claimed gifts worth more than $5,000, you may need to have a written appraisal to use as a tax document.

Fair Market Value Appraisals

Think of a fair market value appraisal as being an expert’s best guess, informed by watching actual sales, of how much money would change hands if jewelry got sold between two willing parties. Imagine a would-be seller who’s looking to offload a set of earrings with a matching necklace, along with a buyer who could take or leave the deal. These parties are under no pressure to do the deal, so both are motivated to bargain to a fair value, informed by the current trends of supply and demand. This value hews toward the middle range of price estimates, and it’s useful for financial and estate planning considerations. 

How Much Does a Jewelry Appraisal Cost?

The price of a jewelry appraisal varies widely, depending on all sorts of factors. Appraisals that require extensive research or expertise typically cost more than simple appraisals done less formally. Getting an appraisal is also generally more expensive if you need documentation for court, or if you’re getting the appraisal done in an expensive part of the country or for very high-value collections.

Some appraisers may charge hourly rates, while others may charge a percentage of the final value of the items appraised. Hourly rates can range from $50-150 per hour. However, if you plan to sell at auction, a specialist will often provide the valuation for free, as the house will ultimately make a percentage of commission on any items sold. There are also online jewelry appraisal services that provide valuations for a nominal fee.

Where to Get Jewelry Appraised

Consulting with certified valuers is the most reliable and accurate way of obtaining an appraisal. Valuers should hold gemmological and diamond grading qualifications from a recognized body such as the Gemmological Association of Great Britain, The Gemological Institute of America or the National Association of Goldsmiths. 

To start your search, visit either The National Association of Jewellers: Institute of Registered Valuers, which is the UK’s leading association of jewelry valuers. Or, for the United States, the Gemological Institute of America’s library of Appraiser Associations offers reliable resources for collectors.

US and UK Resources for Finding Jewelry Appraisers

You have a lot of resources available to find a trustworthy appraiser. Depending on where you live, you might be near to half a dozen or more resources that can connect you with a reputable appraisal service. These include:

• Accredited Gemologists Association (AGA) (U.S.)
• American Gem Society (U.S and Canada)
• American Society of Appraisers (International)
• Appraisers Association of America, Inc. (U.S.)
• Appraisers International Society (AIS) (International)
• The Association of Independent Jewellery Valuers (International)
• Canadian Gemmological Association (Canada)
• Canadian Jewellers Association (Canada)
• International Society of Appraisers (U.S. and Canada)
• The Jewelry Judge Network (U.S. and Canada)
• National Association of Jewelry Appraisers (International)
• National Association of Goldsmiths’ Institute of Registered Valuers (U.K. and Republic of Ireland)

Jewelry Appraisal Cost

How much does a jewelry appraisal cost? Fees associated with jewelry appraisals can vary significantly, depending on the valuer. Some appraisers may charge hourly rates, while others may charge a percentage of the final value of the items appraised. Hourly rates can range from $50-150 per hour. However, if you plan to sell at auction, a specialist will often provide the valuation for free, as the house will ultimately make a percentage of commission on any items sold. There are also online jewelry appraisal services that provide valuations for a nominal fee. 

The Jewelry Appraisal Process

A great way of getting started in the appraisal process is to send images to your chosen valuer. The images need to be high resolution and offer details of the piece, ideally using a macro lens setting. Valuers will want to see the piece at different angles in order to determine the age of the item and to identify any damage or previous repairs.

An appraiser will often evaluate the piece based on a number of factors, including metal composition, karat, weight, measurement, and whether or not the gems are natural. You can help this process along by providing any relevant documentation such as receipts and certificates of authenticity, which can result in a more accurate figure.

A reliable jewelry appraisal should consist of the following:

• A process that matches the ultimate purpose of the appraisal; 
• Clear explanation of the grading process and measurements used; 
• Definitive statement of value with seal or signature by an authorized appraiser; 
• Statement of the appraisal purpose on the certificate; and 
• Offering an open discussion in which you may ask any questions of the appraiser.

If You Plan to Sell Your Jewelry

If You Plan to Sell a Diamond

If you plan to sell at auction, a diamond grading report is an important companion to your piece of jewelry as a transparent, accurate and objective tool needed to determine the current market value of your jewelry. Diamond jewelry grading is the thorough evaluation of the jewel’s stone and its attributes: carat, cut, color and clarity, also known as the “four Cs.” Gradings are carried out in renowned gemological laboratories like GIA and IGI by certified professionals. Based on this and any previous valuation appraisals, the auction house specialist should be able to provide you with an estimated market value for resale.

Getting Your Jewelry Appraised

Jewelry appraisals are a critical part of knowing how much your collection is worth and keeping your treasured heirlooms safe. When it comes time to get your jewelry appraised, shop around for a qualified appraiser and make sure you’re getting informed valuations. 

From pocket watches and costume jewelry to unique pins and brooches, find beautiful and timeless jewelry on Invaluable. Explore our pieces available at auction or book an appraisal online. 

How to Sell Jewelry After Appraisal

Once you have the price quote from your appraiser, you might be motivated to bring your jewelry to market as soon as you can. Many people are surprised by how much their jewelry turns out to be worth, and it can be worth your while to seek out a trustworthy selling agent to get a fair price for your collection.

Looking for more? Explore jewelry available now on Invaluable. To learn more about appraisals in general, visit our Appraisals Guide.